Ethereum Token Development is the process of developing Ethereum tokens under any of the token development standards available. Each token standard has unique attributes that design the tokens' characteristics and functionality. The created token can be used in ICOs, STOs, smart contracts, Dapps, decentralised exchanges, etc.
Various ERC Token Standards Available:
- ERC20
- ERC777
- ERC721
- ERC223
- ERC827
- ERC865
- ERC1400
Let us discuss the benefits and development process of an ERC20 token in this blog.
Benefits of ERC20 Token Development
There are myriad benefits of ERC20 tokens development. Some of the major benefits are highlighted below:
- Transactions are quicker and can be confirmed more effectively through ERC20 tokens.
- Once a transaction is done using an ERC20 token, it cannot be modified.
- There would be a very lower percentage risk of contract interruption.
- With ERC20 tokens, the token implementation and execution process will become easy for developers.
- ERC20 tokens can be converted to cash immediately as they possess high liquidity.
- They assure risk-free transactions.
How to Create Your Own ERC20 Token?
An ERC20 token creation involves the following steps.
- Choosing the Name: This is the first step when it comes to token creation. An attractive name should be chosen for your token.
- Token Symbol: You must choose the best design for your token symbol.
- Total Supply: You have to give the exact number of tokens that are in circulation in the market as allocated by the owner.
- Token Decimal Places: There are 8 decimal places that would indicate the fraction part of the token.
- Balance of: This is the final step; the authorised persons will receive their token balances to their addresses.
There are many companies that offer ETH token development services. Hire the best in the market and begin with your token development.
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